WEDNESDAY, MAY 30, 194
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NEW SYSTEM FOR APPROVING COMPANY NAMES PROPOSED
THE PURPOSE OF THE COMPANIES (AMENDMENT) (NO.5) BILL 1990 IS TO INTRODUCE A NEW SYSTEM FOR APPROVAL OF COMPANY NAMES WHICH IS BASED ON THE UK APPROACH AND IS INTENDED TO SHORTEN THE TIME REQUIRED TO REGISTER NEW COMPANIES, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE BILL, SIR PIERS SAID UNDER THE EXISTING SYSTEM, THE REGISTRAR OF COMPANIES WAS REQUIRED TO DECIDE,
REGISTERING A COMPANY, WHETHER OR NOT THE PROPOSED NAME OF A NEW COMPANY BORE SUCH RESEMBLANCE TO THE NAME OF AN EXISTING COMPANY THAT OPPORTUNITIES EXISTED FOR DECEPTION.
HE SAID THE PRESENT SYSTEM ALSO ALLOWED APPLICANTS TO RESERVE A NAME FOR A PROPOSED COMPANY.
IN 1989, THE COMPANIES REGISTRY RECEIVED MORE THAN 20,000 APPLICATIONS EACH MONTH FOR RESERVATION OF COMPANY NAMES.
"OWING ΤΟ THE LARGE NUMBER OF APPLICATIONS AND THE LIMITED RESOURCES AVAILABLE, THE TIME TAKEN TO RESERVE A COMPANY NAME NOW VARIES BETWEEN FOUR TO SIX WEEKS.
"TOGETHER WITH THE OTHER PROCEDURES, INCLUDING THE PREPARATION OF INCORPORATION PAPERS BY THE APPLICANT AND THE ISSUR OF A CERTIFICATE OF INCORPORATION BY THE COMPANIES REGISTRY, THE WHOLE PROCESS OF REGISTERING A COMPANY CAN TAKE UP TO THREE MONTHS.
H
"THIS PROCESS IS UNSATISFACTORILY LONG. WE THEREFORE PROPOSE TO ADOPT A NEW, SIMPLER AND QUICKER SYSTEM BASED ON THE UK APPROACH, HE SAID.
SIR PIERS SAID UNDER THE PROPOSED NEW SYSTEM, A
UNDER
COMPANY NAME WOULD BE REGISTRABLE IF IT WAS NOT THE SAME AS A NAME ALREADY APPEARING IN THE INDEX OF COMPANY NAMES.
"HOWEVER, WHERE A NAME IS REGISTERED WHICH IS, IN THE OPINION OF THE REGISTRAR, TOO SIMILAR TO A NAME PREVIOUSLY ENTERED IN THE INDEX, THE REGISTRAR MAY, WITHIN 12 MONTHS OF REGISTRATION, DIRECT THE COMPANY TO CHANGE ITS NAME WITHIN SUCH PERIOD AS HE MAY SPECIFY," НЕ SAID.
THE INTRODUCTION OF THE NEW SYSTEM WOULD RESULT IN THE NAME RESERVATION SYSTEM BEING ABOLISHED.
EXISTING STAFF RESOURCES COULD BE REDEPLOYED AND IT WAS то INCORPORATE NEW COMPANIES WITHIN A PERIOD OF FIVE то 10 INSTEAD OF UP TO THREE MONTHS AS AT PRESENT.
AIMED
DAYS,
THE
ON PUBLIC SEARCH, SIR PIERS SAID UNDER THE NEW SYSTEM, REGISTRAR WOULD NO LONGER BE RESPONSIBLE FOR DECIDING WHETHER A PROPOSED NAME WAS TOO SIMILAR TO AN EXISTING COMPANY NAME.
RESPONSIBILITY WILL FALL ON THE PARTY
"IN FUTURE, THIS REGISTERING THE NEW COMPANY.
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